The Government is withdrawing income tax relief for payments of patent royalties by individuals to combat perceived abuse of these rules. The relief will be withdrawn for such patent royalty payments made from today onwards. This is in stark contrast to the introduction, from April 2013, of a new “Patent Box” regime for companies. The Patent Box regime will enable companies … Continue reading Patents: time to incorporate?
Previously announced measures in relation to the R&D tax credit and the proposed new Patent Box have been confirmed. The Government intends to introduce an ‘above the line’ R&D tax credit in Finance Bill 2013 to encourage R&D activity by larger companies. There will be a consultation on the detail but the Government has stated that it … Continue reading Support for innovative industries
As part of its programme to deliver a more competitive corporate tax regime and to support innovation in the UK, the Government has confirmed its previously stated intention to introduce the Patent Box, which is a 10% corporation tax regime for net profits derived from patents and patented products. The regime is still intended to come into … Continue reading Supporting innovation – next Patent Box consultation May 2011
The Chancellor announced today that it will consult with businesses in autumn 2010 to review the taxation of intellectual property, the support research & development (R&D) tax credits provide for innovation and the proposals of the Dyson review. HM Treasury have confirmed that the “Patent Box”, the previously announced Labour tax initiative introducing a 10% corporation tax … Continue reading Taxation of innovation – patent box, R&D and more…
The Government has confirmed its plans, announced in the Pre-Budget Report (PBR) 2009, to introduce a reduced rate of corporation tax of 10% for income from patents from April 2013, in a bid to encourage more products being manufactured in the UK. The PBR 2009 stated that it would apply to patents granted after the Finance Bill … Continue reading Patent box confirmed
As mentioned already, Alistair Darling announced the 10% rate of corporation tax on income from the exploitation of patents. What he did not say (but which is in the press releases) is that it is currently proposed that this reduced rate will not apply to income from patents until April 2013. The Government have said they will … Continue reading More news on the “patent box”
In a bid to increase investment in biosciences in the UK, the Chancellor has announced a 10% corporation tax rate on income from the exploitation of patents in the UK. This is good news for the UK, enabling it to compete with other jurisdictions that have similar regimes. However, it appears from his budget speech that it … Continue reading “Patent box” corporation tax rate